Paylocity (PCTY)
Market Price (9/25/2026): $144.7 | Market Cap: $7.7 BilSector: Industrials | Industry: Human Resource & Employment Services
Paylocity (PCTY)
Market Price (9/25/2026): $144.7Market Cap: $7.7 BilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Attractive yieldFCF Yield is 5.6% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more. | Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -97% | Key risksPCTY key risks include [1] intense competition from established rivals in the crowded Human Capital Management software market and [2] a significant concentration on an economically sensitive small and medium-sized business client base. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Attractive yieldFCF Yield is 5.6% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -97% |
| Key risksPCTY key risks include [1] intense competition from established rivals in the crowded Human Capital Management software market and [2] a significant concentration on an economically sensitive small and medium-sized business client base. |
Qualitative Assessment
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Updated on 9/8/2026
Paylocity (PCTY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat and Revenue Growth.
Paylocity reported robust financial results for fiscal Q4 2026 (ended June 30, 2026), with earnings per share (EPS) of $1.84, exceeding the consensus estimate of $1.62 by $0.22. Total quarterly revenue increased 11.0% year-over-year to $444.73 million, surpassing analysts' expectations of $431.46 million. This strong performance, including 11.0% total revenue growth and 12.2% recurring and other revenue growth for the full fiscal year 2026, was a significant driver, with shares rising 3.44% in after-hours trading following the announcement.
2. Strategic Expansion into AI and Product Innovation.
The company launched "Paylocity Ignite AI" on July 21, 2026, a platform-wide artificial intelligence initiative designed to automate workflows, reduce risk, and accelerate productivity across HR, Finance, and IT teams. This strategic move, along with the acquisition of AI-native Aidora on July 9, 2026, to simplify leave management, and Grayscale in fiscal 2026 to enhance recruiting capabilities, has expanded Paylocity's product suite and addressable market beyond traditional payroll services.
Show more
Paylocity (PCTY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat and Revenue Growth.
Paylocity reported robust financial results for fiscal Q4 2026 (ended June 30, 2026), with earnings per share (EPS) of $1.84, exceeding the consensus estimate of $1.62 by $0.22. Total quarterly revenue increased 11.0% year-over-year to $444.73 million, surpassing analysts' expectations of $431.46 million. This strong performance, including 11.0% total revenue growth and 12.2% recurring and other revenue growth for the full fiscal year 2026, was a significant driver, with shares rising 3.44% in after-hours trading following the announcement.
2. Strategic Expansion into AI and Product Innovation.
The company launched "Paylocity Ignite AI" on July 21, 2026, a platform-wide artificial intelligence initiative designed to automate workflows, reduce risk, and accelerate productivity across HR, Finance, and IT teams. This strategic move, along with the acquisition of AI-native Aidora on July 9, 2026, to simplify leave management, and Grayscale in fiscal 2026 to enhance recruiting capabilities, has expanded Paylocity's product suite and addressable market beyond traditional payroll services.
Show more
Updated on 9/8/2026
Paylocity (PCTY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat and Revenue Growth.
Paylocity reported robust financial results for fiscal Q4 2026 (ended June 30, 2026), with earnings per share (EPS) of $1.84, exceeding the consensus estimate of $1.62 by $0.22. Total quarterly revenue increased 11.0% year-over-year to $444.73 million, surpassing analysts' expectations of $431.46 million. This strong performance, including 11.0% total revenue growth and 12.2% recurring and other revenue growth for the full fiscal year 2026, was a significant driver, with shares rising 3.44% in after-hours trading following the announcement.
2. Strategic Expansion into AI and Product Innovation.
The company launched "Paylocity Ignite AI" on July 21, 2026, a platform-wide artificial intelligence initiative designed to automate workflows, reduce risk, and accelerate productivity across HR, Finance, and IT teams. This strategic move, along with the acquisition of AI-native Aidora on July 9, 2026, to simplify leave management, and Grayscale in fiscal 2026 to enhance recruiting capabilities, has expanded Paylocity's product suite and addressable market beyond traditional payroll services.
3. Significant Market Opportunity and Client Growth.
Paylocity highlighted a substantial growth opportunity within its target market of businesses ranging from 10 to 5,000 employees. As of June 30, 2026, the company served approximately 44,400 clients and had penetrated only about 3% of its estimated $22.5 billion Human Capital Management (HCM) total addressable market. This low penetration, combined with a roughly 7% increase in its client base during fiscal 2026, indicates significant potential for future expansion.
4. Positive Analyst Sentiment and Share Repurchases.
Following the strong fiscal Q4 2026 results, several analyst firms reiterated or upgraded their ratings and price targets for Paylocity. For instance, Jefferies Financial Group reissued a "buy" rating with a $165.00 target price, and Cantor Fitzgerald increased its price objective from $140.00 to $165.00 with an "overweight" rating. Overall, the stock maintains an average rating of "Moderate Buy" and a consensus price target around $160.53. Additionally, Paylocity repurchased $398.1 million worth of common stock (2.8 million shares) during fiscal 2026, demonstrating a commitment to returning value to shareholders.
Show less
Paylocity (PCTY) stock has gained about 25% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat and Revenue Growth.
Paylocity reported robust financial results for fiscal Q4 2026 (ended June 30, 2026), with earnings per share (EPS) of $1.84, exceeding the consensus estimate of $1.62 by $0.22. Total quarterly revenue increased 11.0% year-over-year to $444.73 million, surpassing analysts' expectations of $431.46 million. This strong performance, including 11.0% total revenue growth and 12.2% recurring and other revenue growth for the full fiscal year 2026, was a significant driver, with shares rising 3.44% in after-hours trading following the announcement.
2. Strategic Expansion into AI and Product Innovation.
The company launched "Paylocity Ignite AI" on July 21, 2026, a platform-wide artificial intelligence initiative designed to automate workflows, reduce risk, and accelerate productivity across HR, Finance, and IT teams. This strategic move, along with the acquisition of AI-native Aidora on July 9, 2026, to simplify leave management, and Grayscale in fiscal 2026 to enhance recruiting capabilities, has expanded Paylocity's product suite and addressable market beyond traditional payroll services.
3. Significant Market Opportunity and Client Growth.
Paylocity highlighted a substantial growth opportunity within its target market of businesses ranging from 10 to 5,000 employees. As of June 30, 2026, the company served approximately 44,400 clients and had penetrated only about 3% of its estimated $22.5 billion Human Capital Management (HCM) total addressable market. This low penetration, combined with a roughly 7% increase in its client base during fiscal 2026, indicates significant potential for future expansion.
4. Positive Analyst Sentiment and Share Repurchases.
Following the strong fiscal Q4 2026 results, several analyst firms reiterated or upgraded their ratings and price targets for Paylocity. For instance, Jefferies Financial Group reissued a "buy" rating with a $165.00 target price, and Cantor Fitzgerald increased its price objective from $140.00 to $165.00 with an "overweight" rating. Overall, the stock maintains an average rating of "Moderate Buy" and a consensus price target around $160.53. Additionally, Paylocity repurchased $398.1 million worth of common stock (2.8 million shares) during fiscal 2026, demonstrating a commitment to returning value to shareholders.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 25.0% change in PCTY stock from 5/31/2026 to 9/24/2026 was primarily driven by a 19.1% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 114.93 | 143.64 | 25.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,727 | 1,771 | 2.5% |
| Net Income Margin (%) | 14.9% | 15.2% | 1.9% |
| P/E Multiple | 23.9 | 28.5 | 19.1% |
| Shares Outstanding (Mil) | 54 | 53 | 0.4% |
| Cumulative Contribution | 25.0% |
Market Drivers
5/31/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | 25.0% | |
| Market (SPY) | 1.7% | -9.2% |
| Sector (XLI) | -2.2% | -30.4% |
Fundamental Drivers
The 34.9% change in PCTY stock from 2/28/2026 to 9/24/2026 was primarily driven by a 17.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 106.49 | 143.64 | 34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,680 | 1,771 | 5.5% |
| Net Income Margin (%) | 14.2% | 15.2% | 7.3% |
| P/E Multiple | 24.2 | 28.5 | 17.8% |
| Shares Outstanding (Mil) | 54 | 53 | 1.1% |
| Cumulative Contribution | 34.9% |
Market Drivers
2/28/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | 34.9% | |
| Market (SPY) | 12.4% | -11.0% |
| Sector (XLI) | -4.2% | -36.8% |
Fundamental Drivers
The -19.9% change in PCTY stock from 8/31/2025 to 9/24/2026 was primarily driven by a -34.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 179.23 | 143.64 | -19.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,595 | 1,771 | 11.0% |
| Net Income Margin (%) | 14.2% | 15.2% | 7.0% |
| P/E Multiple | 43.7 | 28.5 | -34.7% |
| Shares Outstanding (Mil) | 55 | 53 | 3.4% |
| Cumulative Contribution | -19.9% |
Market Drivers
8/31/2025 to 9/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -19.9% | |
| Market (SPY) | 20.3% | -0.9% |
| Sector (XLI) | 12.5% | -23.1% |
Fundamental Drivers
The -28.4% change in PCTY stock from 8/31/2023 to 9/24/2026 was primarily driven by a -64.2% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 200.50 | 143.64 | -28.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,175 | 1,771 | 50.8% |
| Net Income Margin (%) | 12.0% | 15.2% | 27.0% |
| P/E Multiple | 79.5 | 28.5 | -64.2% |
| Shares Outstanding (Mil) | 56 | 53 | 4.4% |
| Cumulative Contribution | -28.4% |
Market Drivers
8/31/2023 to 9/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -28.4% | |
| Market (SPY) | 76.8% | 27.8% |
| Sector (XLI) | 62.9% | 18.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PCTY Return | 15% | -18% | -15% | 21% | -24% | -6% | -30% |
| Peers Return | 27% | -17% | 14% | 21% | -10% | 1% | 33% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| PCTY Win Rate | 58% | 33% | 42% | 58% | 42% | 44% | |
| Peers Win Rate | 57% | 43% | 53% | 62% | 45% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PCTY Max Drawdown | -29% | -35% | -39% | -26% | -36% | -38% | |
| Peers Max Drawdown | -18% | -33% | -26% | -19% | -33% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADP, WDAY, ORCL, PAYX, PAYC. See PCTY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/24/2026 (YTD)
How Low Can It Go
| Event | PCTY | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.9% | -6.7% |
| % Gain to Breakeven | 33.2% | 7.1% |
| Time to Breakeven | 67 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.4% | -24.5% |
| % Gain to Breakeven | 50.2% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.6% | -33.7% |
| % Gain to Breakeven | 102.3% | 50.9% |
| Time to Breakeven | 89 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.4% | -19.2% |
| % Gain to Breakeven | 41.7% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.3% | -3.7% |
| % Gain to Breakeven | 50.0% | 3.9% |
| Time to Breakeven | 103 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.7% | -12.2% |
| % Gain to Breakeven | 40.2% | 13.9% |
| Time to Breakeven | 66 days | 62 days |
In The Past
Paylocity's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | PCTY | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.9% | -6.7% |
| % Gain to Breakeven | 33.2% | 7.1% |
| Time to Breakeven | 67 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.4% | -24.5% |
| % Gain to Breakeven | 50.2% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.6% | -33.7% |
| % Gain to Breakeven | 102.3% | 50.9% |
| Time to Breakeven | 89 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.4% | -19.2% |
| % Gain to Breakeven | 41.7% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.3% | -3.7% |
| % Gain to Breakeven | 50.0% | 3.9% |
| Time to Breakeven | 103 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.7% | -12.2% |
| % Gain to Breakeven | 40.2% | 13.9% |
| Time to Breakeven | 66 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.9% | -0.2% |
| % Gain to Breakeven | 28.0% | 0.2% |
| Time to Breakeven | 106 days | 1 days |
In The Past
Paylocity's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Paylocity (PCTY)
Paylocity Holding Corporation (PCTY) provides comprehensive cloud-based human capital management (HCM) and payroll software solutions. Its primary focus is on serving medium-sized for-profit and non-profit organizations across various industries in the United States, including business services, financial services, healthcare, manufacturing, retail, and technology. The company aims to simplify and automate critical HR and payroll processes for its clients.
At the core of Paylocity's offerings are its robust payroll and tax services, which streamline payroll, manage compliance, and handle expense and garnishment solutions. Complementing this, the company provides essential HCM and employee self-service tools, alongside a detailed time and attendance solution that covers everything from tracking schedules to various time collection methods.
Beyond core payroll and HR, Paylocity also offers talent management solutions, encompassing recruiting, onboarding, performance, and compensation management. Additionally, it supports employee benefits administration, modern workforce tools like community and peer recognition, and sophisticated analytics and insights to help organizations make data-driven decisions. Paylocity integrates these solutions to provide a unified platform for managing the entire employee lifecycle.
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- A cloud-first ADP for medium-sized businesses.
- The modern Paychex for mid-market companies.
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- Payroll and Tax Services: Automates payroll processing, ensures tax compliance, and manages expenses, on-demand payments, and garnishments.
- Human Capital Management (HCM) Solutions: Provides core HR functionalities, employee self-service, document management, and compliance dashboards.
- Time & Attendance: Tracks employee work hours, manages schedules, and offers various time collection devices.
- Talent Management: Covers the employee lifecycle from recruiting and onboarding to learning, performance, and compensation management.
- Employee Benefits Management: Facilitates the administration of employee benefits and offers third-party administrative support.
- Modern Workforce Solutions: Enhances employee engagement and communication through features like community, premium video, surveys, and peer recognition.
- Analytics and Insights: Delivers data-driven insights, reporting, and a modern workforce index to support strategic HR decisions.
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Paylocity (PCTY) primarily sells its cloud-based payroll and human capital management software solutions to other companies, specifically medium-sized organizations in the United States.
The provided background information does not list the names of specific major customer companies. However, it indicates that Paylocity's clients include both for-profit and non-profit organizations across a wide array of industries. These industries effectively represent the categories of its major customers:
- Business Services
- Financial Services
- Healthcare
- Manufacturing
- Restaurants
- Retail
- Technology
- And other industries
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Amazon Web Services (AMZN)
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Toby WilliamsPresident & Chief Executive Officer Toby Williams is the President and Chief Executive Officer of Paylocity. He joined Paylocity in 2017, initially serving as the Chief Financial Officer for four and a half years before transitioning to Co-CEO and then becoming the sole CEO. Prior to his tenure at Paylocity, Williams held significant leadership roles at other companies, including Paychex, Ellucian, and Citi, where he gained extensive experience in corporate development and cloud strategy.
Ryan GlennChief Financial Officer Ryan Glenn serves as the Chief Financial Officer of Paylocity, overseeing the company's financial strategy, accounting, legal, and procurement teams. He joined Paylocity in 2013 and played a crucial role in the team that led the company through its initial public offering (IPO) in 2014. Before joining Paylocity, Glenn spent six years at PricewaterhouseCoopers, where he worked as a Manager in the Capital Markets & Accounting Advisory practice, assisting companies with accounting and reporting related to equity offerings and capital markets transactions.
Steve BeauchampExecutive Chairman of the Board Steve Beauchamp is the Executive Chairman of the Board at Paylocity. He previously served as the Chief Executive Officer of Paylocity from 2007 to March 2022, and then as Co-Chief Executive Officer until August 2024. Beauchamp joined Paylocity in 2007 as President and Chief Operating Officer, becoming CEO within a year. Under his leadership, Paylocity experienced substantial growth, with sales increasing by approximately 40% annually leading up to its 2014 IPO. Prior to Paylocity, Beauchamp held significant positions at other companies in the payroll and human capital management industry, including Vice President of Product Management and Corporate Officer at Paychex, where he was responsible for product strategy, development, and corporate acquisitions. He also served as Vice President of Payroll Operations for Advantage Payroll Services, which acquired Payroll Central where he was President. His career also includes three years in operations management with ADP Canada. Paylocity secured its first institutional funding from Adams Street Partners, a private equity firm, in 2008.
Michael HaskePresident & Chief Operating Officer Michael Haske is the President and Chief Operating Officer of Paylocity. He joined Paylocity in 2007 as Senior Vice President of Sales & Marketing and was instrumental in scaling the company from $15 million to over $1 billion in annual revenue, playing a central role in its successful IPO. Haske has a long history in the payroll and HR industry, having held various roles at Paychex, including Director of Marketing and Business Development and Regional Manager. He also held multiple positions with Automatic Data Processing, Inc. (ADP), such as Sales Manager & Corporate Sales Trainer. Additionally, Haske has served as CEO of other companies, including Aircall and Krista Software.
Jill MorrisonChief Human Resources Officer Jill Morrison serves as the Chief Human Resources Officer for Paylocity, overseeing human resources strategies and fostering a positive workplace culture. Further detailed background information beyond her title is not available in the provided snippets.
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The key risks to Paylocity's business are:
- Intense Competition: The payroll and human capital management (HCM) market is highly competitive, characterized by numerous established players and new entrants continuously innovating. This environment poses a significant threat to Paylocity's potential for growth, its market share, and its ability to maintain pricing power. Analysts have noted concerns regarding decelerating Annual Recurring Revenue (ARR) growth and projected revenue growth, indicating potential challenges in securing long-term client commitments and overall demand for its solutions.
- Cybersecurity Risks: As a provider of cloud-based software solutions that manage sensitive payroll and HR data for medium-sized organizations, Paylocity is exposed to substantial cybersecurity risks. Any security breaches or unauthorized access to client data could erode client trust, lead to a reduction in the use of its services, and result in significant financial liabilities.
- Economic Uncertainty and Regulatory Changes: Economic downturns can adversely affect Paylocity's business by leading to reduced client employee numbers, extended sales cycles, and increased customer churn, all of which directly impact revenue growth. Furthermore, the payroll and HCM industry operates under complex and evolving regulatory frameworks. Changes in laws and regulations, particularly those related to new technologies like artificial intelligence, could impose costly and burdensome requirements on Paylocity, affecting its operations. The company's primary focus on the U.S. market also makes it vulnerable to domestic economic fluctuations and shifts in regulations.
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The emergence of integrated HR, IT, and Finance platforms, exemplified by companies like Rippling, poses a clear emerging threat to Paylocity. These platforms offer a unified system that deeply integrates human resources, payroll, benefits, and crucial IT management functions (such as device management, software provisioning, and access control) into a single, comprehensive solution. This approach differs from traditional human capital management (HCM) providers like Paylocity, which typically focus on HR and payroll and may offer integrations with third-party IT or financial tools.
For medium-sized organizations targeted by Paylocity, the appeal of a truly "all-in-one" system that streamlines not only HR and payroll processes but also automates IT onboarding, offboarding, and asset management from a single employee record can be highly disruptive. This integrated model offers enhanced operational efficiency, reduced administrative overhead, and a simplified technology stack, potentially making standalone HCM solutions less attractive by fundamentally changing the expectation of what an HR/payroll platform should encompass.
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Paylocity (PCTY) primarily targets medium-sized organizations in the United States, specifically businesses with 10 to 5,000 employees. This core market segment comprises approximately 1.3 million businesses with 73 million employees in the U.S..
The addressable markets for Paylocity's main products and services in the U.S. region are as follows:
- Human Capital Management (HCM) Software Market (U.S.): The U.S. human capital management market size was estimated at USD 10.14 billion in 2024 and is projected to reach approximately USD 24.73 billion by 2034, growing at a CAGR of 9.32% from 2025 to 2034. Another estimate projects the U.S. HCM software market size at USD 5.62 billion in 2025. North America, where the U.S. accounts for over 85% of the demand, leads the global HCM software market.
- Payroll Services Market (U.S.): The United States payroll services market is expected to grow from USD 8.44 billion in 2025 to USD 8.91 billion in 2026 and is forecast to reach USD 11.61 billion by 2031, at a CAGR of 5.47% from 2026 to 2031. The cloud-based payroll software market, a key offering for Paylocity, was valued at USD 14.36 billion globally in 2025 and is projected to reach USD 23.12 billion by 2030. North America held the largest share of the cloud-based payroll software market in 2025.
- Talent Management Software Market (U.S.): The global talent management software market size was estimated at USD 9.96 billion in 2023 and is projected to reach USD 22.67 billion by 2030. North America held the largest revenue share in the global talent management software market in 2023. The U.S. talent management software market is projected to reach USD 3.43 billion by 2026. Within talent management, the U.S. Talent Acquisition Software Market was valued at USD 6.89 billion in 2025 and is expected to reach USD 13.55 billion by 2032.
Paylocity has stated that its total addressable market (TAM) extends beyond the estimated $22 billion HCM space, reflecting its expansion into broader HR, Finance, and IT functions.
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Paylocity (PCTY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
* Customer Acquisition and Retention: A primary driver will be the continued acquisition of new clients coupled with maintaining strong client retention rates, which have consistently been above 92% for over a decade. This focus ensures a growing base of recurring revenue.
* Product Innovation and AI-driven Enhancements: Ongoing significant investments in research and development (R&D) are expected to lead to product differentiation and the launch of modern software features. The integration of artificial intelligence (AI) and automation is specifically highlighted as a way to enhance operational efficiency, improve client engagement, and further differentiate Paylocity's offerings.
* Strategic Market Expansion into Finance and IT: Paylocity is actively expanding its platform beyond its core Human Capital Management (HCM) solutions into adjacent market segments. This includes offering solutions for the Office of the CFO, such as "Paylocity for Finance" and integrated headcount planning, and expanding into IT. This strategic expansion significantly broadens the company's total addressable market.
* Increased Average Revenue Per User (ARPU) and Deeper Wallet Share: The expansion of Paylocity's product suite, including new offerings and the integration of acquired technologies like Airbase, is designed to increase the average revenue generated from each client. This deeper penetration into existing client accounts through cross-selling and upselling will contribute to sustained revenue growth.
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Share Repurchases
- Paylocity completed a share repurchase program of US$499.64 million around November 2025.
- As of September 2024, Paylocity had an authorization under its share repurchase program with an unutilized amount of $350 million, which was not expected to be impacted by the Airbase acquisition.
- An ongoing US$600 million share buyback program has been noted, with repurchases supporting earnings per share.
Share Issuance
- Paylocity Holding's shares outstanding experienced a slight decline of 0.75% in 2025 from 2024.
- Shares outstanding saw a 0.67% increase in 2024 from 2023 and a 0.27% increase in 2023 from 2022.
Outbound Investments
- Paylocity completed the acquisition of Airbase Inc., a finance and spend management software company, in September 2024, for approximately $325 million, expanding its offerings into bill pay automation, expense management, and procurement.
- The company has completed a total of six acquisitions, including Trace in December 2023 and Cloudsnap in January 2022, with all acquisitions occurring in the United States.
Capital Expenditures
- Paylocity's capital expenditures were $31 million in 2025, $37 million in 2024, and $35 million in 2023.
- Forecasted capital expenditures are $15.08 million for 2026, $15.94 million for 2027, and $16.59 million for 2028.
- Capital expenditures, along with significant research and development investments (which were $206 million in 2025), are focused on platform expansion and integrating acquisitions to enhance its cloud-based HR and finance platform.
Peer Outperformance in Human Resource & Employment Services
PCTY has trailed 67% of its 21 Human Resource & Employment Services peers over 5Y. Human Resource & Employment Services ranks 20th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Human Resource & Employment Services constituents that PCTY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
24%
of 21 industry peers · -13.0% return
3Y
48%
of 21 industry peers · -19.5% return
5Y
33%
of 21 industry peers · -51.7% return
No Human Resource & Employment Services peer with a comparable growth profile has beaten PCTY by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Human Resource & Employment Services is PCTY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 2.6% | 115.5% | 189.1% | STRL 2250% · FIX 2224% · CDNL 2018% |
| Marine Transportation | 9 | 78.8% | 102.0% | 159.5% | HOS 43584% · ASC 509% · MATX 195% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 7.3% | 44.5% | 126.7% | CAT 346% · ALSN 244% · WAB 234% |
| Aerospace & Defense | 56 | -8.3% | 70.0% | 78.7% | ATI 1008% · FTAI 863% · HWM 638% |
| Rail Transportation | 7 | 21.5% | 57.2% | 50.5% | FSTR 146% · RAIL 70% · CSX 65% |
| Trading Companies & Distributors | 19 | 5.8% | 41.7% | 45.9% | DXPE 566% · AIT 292% · WCC 218% |
| Industrial Machinery & Supplies & Components | 73 | 11.3% | 50.1% | 41.0% | CRS 1199% · PSIX 1109% · GHM 594% |
| Diversified Support Services | 33 | 9.6% | 31.6% | 33.5% | LIME 3224% · TH 446% · WLFC 341% |
| Cargo Ground Transportation | 16 | 34.0% | -3.2% | 27.8% | XPO 239% · R 224% · CVLG 145% |
| Electrical Components & Equipment | 41 | -0.8% | 62.7% | 22.4% | POWL 2385% · BE 1302% · VRT 935% |
| Building Products | 34 | -14.8% | -0.7% | 17.4% | LMB 626% · GFF 395% · PPIH 301% |
| Passenger Ground Transportation | 3 | -33.1% | 50.8% | -2.4% | UBER 48% · CAR -2% · LYFT -74% |
| Industrial Conglomerates | 17 | 8.8% | 3.7% | -6.3% | RCMT 427% · CSW 140% · DD 75% |
| Agricultural & Farm Machinery | 17 | 1.8% | 0.2% | -6.5% | BLBD 175% · DE 112% · GENC 54% |
| Environmental & Facilities Services | 30 | -9.9% | 20.4% | -11.4% | CECO 948% · ADUR 424% · GEO 352% |
| Research & Consulting Services | 14 | -18.8% | -26.4% | -13.6% | HURN 206% · GRNQ 89% · CRAI 78% |
| Data Processing & Outsourced Services | 6 | -34.2% | -17.4% | -29.4% | EXLS 42% · BR 5% · G -27% |
| Office Services & Supplies | 9 | 15.4% | 16.2% | -33.7% | PBI 168% · TILE 146% · HNI 50% |
| Passenger Airlines | 11 | 10.7% | 15.0% | -34.2% | LTM 2643% · UAL 128% · SKYW 101% |
| Human Resource & Employment Services ← | 22 | 0.0% | -15.9% | -37.5% | BBSI 70% · ADP 45% · FA 8% |
| Air Freight & Logistics | 12 | -13.3% | -24.4% | -41.2% | CHRW 86% · FDX 70% · EXPD 56% |
| Security & Alarm Services | 10 | -24.4% | 22.1% | -42.9% | CIX 144% · MG 119% · NL 75% |
| Airport Services | 3 | -74.9% | -78.3% | -62.7% | JOBY -39% · ASLE -63% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 167.31 |
| Mkt Cap | 36.1 |
| Rev LTM | 6,602 |
| Op Inc LTM | 1,220 |
| FCF LTM | 2,017 |
| FCF 3Y Avg | 1,823 |
| CFO LTM | 2,252 |
| CFO 3Y Avg | 2,025 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 17.7% |
| Op Inc Chg 3Y Avg | 16.2% |
| Op Mgn LTM | 26.3% |
| Op Mgn 3Y Avg | 26.1% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 26.7% |
| FCF/Rev 3Y Avg | 22.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 36.1 |
| P/S | 4.7 |
| P/Op Inc | 18.2 |
| P/EBIT | 16.9 |
| P/E | 23.8 |
| P/CFO | 15.2 |
| Total Yield | 5.6% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.2% |
| 3M Rtn | 32.7% |
| 6M Rtn | 29.9% |
| 12M Rtn | -15.2% |
| 3Y Rtn | -7.0% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | 28.0% |
| 6M Excs Rtn | 14.7% |
| 12M Excs Rtn | -31.4% |
| 3Y Excs Rtn | -84.1% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $143.64 | |
| Market Cap ($ Bil) | 7.7 | |
| First Trading Date | 03/19/2014 | |
| Distance from 52W High | -13.0% | |
| 50 Days | 200 Days | |
| DMA Price | $144.14 | $125.43 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -0.3% | 14.5% |
| 3M | 1YR | |
| Volatility | 42.6% | 41.4% |
| Downside Capture | -119.03 | 25.74 |
| Upside Capture | 83.68 | 4.79 |
| Correlation (SPY) | -13.3% | -1.4% |
PCTY Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.02 | -0.66 | -0.41 | -0.44 | -0.05 | 0.67 |
| Up Beta | 1.27 | -1.82 | -1.54 | -1.27 | -0.94 | 0.60 |
| Down Beta | -3.00 | -2.29 | 0.02 | 0.31 | 0.31 | 0.74 |
| Up Capture | 228% | 169% | 60% | 13% | 4% | 25% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 24 | 33 | 67 | 118 | 368 |
| Down Capture | -29% | -177% | -124% | -129% | 31% | 93% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 18 | 31 | 60 | 133 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | -13.3% | 41.3% | -0.24 | - |
| Sector ETF (XLI) | 11.3% | 17.2% | 0.46 | -23.9% |
| Equity (SPY) | 16.7% | 13.0% | 0.92 | -1.4% |
| Gold (GLD) | 13.1% | 29.3% | 0.42 | -19.5% |
| Commodities (DBC) | 45.1% | 20.7% | 1.71 | -9.6% |
| Real Estate (VNQ) | 3.7% | 13.7% | 0.01 | 10.0% |
| Bitcoin (BTCUSD) | -24.8% | 44.8% | -0.51 | 2.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | -12.7% | 41.1% | -0.22 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 35.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 49.0% |
| Gold (GLD) | 19.0% | 18.8% | 0.82 | -4.6% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 3.6% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 40.5% |
| Bitcoin (BTCUSD) | 12.0% | 52.6% | 0.41 | 27.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | 12.7% | 42.0% | 0.43 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 42.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 53.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | -2.7% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | 11.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 43.9% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 3.1% | 1.2% | 7.9% |
| 5/7/2026 | 1.7% | -4.8% | 2.7% |
| 2/5/2026 | -7.2% | -18.0% | -7.2% |
| 11/4/2025 | 4.4% | 6.9% | 5.2% |
| 8/5/2025 | 2.8% | -6.1% | -3.4% |
| 5/1/2025 | -3.5% | -0.3% | -1.9% |
| 2/6/2025 | -2.9% | 2.6% | -11.0% |
| 10/30/2024 | 3.6% | 20.0% | 16.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 9 |
| # Negative | 14 | 12 | 15 |
| Median Positive | 5.5% | 6.3% | 5.2% |
| Median Negative | -3.6% | -6.6% | -6.5% |
| Max Positive | 12.7% | 20.0% | 24.1% |
| Max Negative | -15.5% | -18.0% | -21.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 3.1% | 1.2% | 7.9% |
| 5/7/2026 | 1.7% | -4.8% | 2.7% |
| 2/5/2026 | -7.2% | -18.0% | -7.2% |
| 11/4/2025 | 4.4% | 6.9% | 5.2% |
| 8/5/2025 | 2.8% | -6.1% | -3.4% |
| 5/1/2025 | -3.5% | -0.3% | -1.9% |
| 2/6/2025 | -2.9% | 2.6% | -11.0% |
| 10/30/2024 | 3.6% | 20.0% | 16.5% |
| 8/1/2024 | 6.7% | 5.8% | 8.9% |
| 5/2/2024 | 12.1% | 9.5% | -7.6% |
| 2/8/2024 | -3.4% | 1.8% | -1.7% |
| 11/2/2023 | -15.5% | -13.2% | -8.2% |
| 8/3/2023 | -3.0% | -4.3% | -4.2% |
| 5/4/2023 | -5.6% | -10.1% | 1.6% |
| 2/2/2023 | -3.1% | -1.8% | -15.4% |
| 11/3/2022 | -4.3% | 1.6% | -3.2% |
| 8/4/2022 | 12.7% | 13.8% | 4.1% |
| 5/5/2022 | -3.9% | -14.9% | -3.0% |
| 2/3/2022 | 10.1% | 8.0% | -6.5% |
| 11/4/2021 | -3.8% | -8.8% | -15.9% |
| 8/5/2021 | 10.3% | 16.2% | 24.1% |
| 5/6/2021 | -1.5% | -7.2% | -1.2% |
| 2/4/2021 | -4.7% | -4.4% | -21.6% |
| 11/5/2020 | -0.9% | 0.6% | 1.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 9 |
| # Negative | 14 | 12 | 15 |
| Median Positive | 5.5% | 6.3% | 5.2% |
| Median Negative | -3.6% | -6.6% | -6.5% |
| Max Positive | 12.7% | 20.0% | 24.1% |
| Max Negative | -15.5% | -18.0% | -21.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-K |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-K |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-K |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-K |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-K |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/04/2022 | 10-Q |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-K |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/05/2021 | 10-Q |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-K |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q4 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Recurring and other revenue | Reported | 414.00 Mil | 416.50 Mil | 419.00 Mil | 2.9% | Higher New | Guidance: 404.70 Mil for Q4 2026 | |
| Q1 2027 Total revenue | Reported | 439.50 Mil | 442.00 Mil | 444.50 Mil | 2.6% | Higher New | Guidance: 430.90 Mil for Q4 2026 | |
| Q1 2027 Adjusted EBITDA | Reported | 152.00 Mil | 154.00 Mil | 156.00 Mil | 17.9% | Higher New | Guidance: 130.60 Mil for Q4 2026 | |
| Q1 2027 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 126.50 Mil | 128.50 Mil | 130.50 Mil | 23.1% | Higher New | Guidance: 104.40 Mil for Q4 2026 | |
| 2027 Recurring and other revenue | Reported | 1.78 Bil | 1.78 Bil | 1.79 Bil | 8.8% | Higher New | Guidance: 1.64 Bil for 2026 | |
| 2027 Total revenue | Reported | 1.88 Bil | 1.89 Bil | 1.90 Bil | 7.4% | Higher New | Guidance: 1.76 Bil for 2026 | |
| 2027 Adjusted EBITDA | Reported | 690.00 Mil | 695.00 Mil | 700.00 Mil | 8.6% | Higher New | Guidance: 640.00 Mil for 2026 | |
| 2027 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 587.00 Mil | 592.00 Mil | 597.00 Mil | 13.2% | Higher New | Guidance: 523.00 Mil for 2026 | |
Prior: Q3 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Recurring and other revenue | Reported | 402.20 Mil | 404.70 Mil | 407.20 Mil | -12.0% | Lower New | Guidance: 460.00 Mil for Q3 2026 | |
| Q4 2026 Total revenue | Reported | 428.40 Mil | 430.90 Mil | 433.40 Mil | -12.0% | Lower New | Guidance: 489.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 128.60 Mil | 130.60 Mil | 132.60 Mil | -35.4% | Lower New | Guidance: 202.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 102.40 Mil | 104.40 Mil | 106.40 Mil | -39.5% | Lower New | Guidance: 172.50 Mil for Q3 2026 | |
| 2026 Recurring and other revenue | Reported | 1.64 Bil | 1.64 Bil | 1.64 Bil | 1.0% | Raised | Guidance: 1.62 Bil for 2026 | |
| 2026 Total revenue | Reported | 1.75 Bil | 1.76 Bil | 1.76 Bil | 1.2% | Raised | Guidance: 1.74 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 638.00 Mil | 640.00 Mil | 642.00 Mil | 2.2% | Raised | Guidance: 626.50 Mil for 2026 | |
| 2026 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 521.00 Mil | 523.00 Mil | 525.00 Mil | 1.6% | Raised | Guidance: 514.50 Mil for 2026 | |
Q2 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Recurring and other revenue | Reported | 457.50 Mil | 460.00 Mil | 462.50 Mil | ||||
| Q3 2026 Total revenue | Reported | 487.00 Mil | 489.50 Mil | 492.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 200.00 Mil | 202.00 Mil | 204.00 Mil | ||||
| Q3 2026 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 170.50 Mil | 172.50 Mil | 174.50 Mil | ||||
| 2026 Recurring and other revenue | Reported | 1.62 Bil | 1.62 Bil | 1.63 Bil | 0.8% | Raised | Guidance: 1.61 Bil for 2026 | |
| 2026 Total revenue | Reported | 1.73 Bil | 1.74 Bil | 1.74 Bil | 0.8% | Raised | Guidance: 1.72 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 622.50 Mil | 626.50 Mil | 630.50 Mil | 1.0% | Raised | Guidance: 620.00 Mil for 2026 | |
| 2026 Adjusted EBITDA excluding interest income on funds held for clients | Reported | 510.50 Mil | 514.50 Mil | 518.50 Mil | ||||
Q1 2026 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Recurring and other revenue | Reported | 378.50 Mil | 381.00 Mil | 383.50 Mil | 2.3% | Higher New | Guidance: 372.50 Mil for Q1 2026 | |
| Q2 2026 Total revenue | Reported | 405.50 Mil | 408.00 Mil | 410.50 Mil | 2.0% | Higher New | Guidance: 400.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 131.50 Mil | 133.50 Mil | 135.50 Mil | 0.4% | Higher New | Guidance: 133.00 Mil for Q1 2026 | |
| 2026 Recurring and other revenue | Reported | 1.60 Bil | 1.61 Bil | 1.62 Bil | 0.5% | Raised | Guidance: 1.60 Bil for 2026 | |
| 2026 Total revenue | Reported | 1.72 Bil | 1.72 Bil | 1.73 Bil | 0.5% | Raised | Guidance: 1.71 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 615.00 Mil | 620.00 Mil | 625.00 Mil | 1.1% | Raised | Guidance: 613.50 Mil for 2026 | |
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beauchamp, Steven R | Executive Chairman | Direct | Sell | 9162026 | 147.18 | 15,000 | 2,207,661 | 185,206,430 | Form |
| 2 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 9092026 | 152.37 | 69 | 10,514 | 6,735,059 | Form |
| 3 | Sarowitz, Steven I | Direct | Sell | 9012026 | 158.56 | 5,100 | 808,633 | 705,317,145 | Form | |
| 4 | Robinson, Kenneth B | Direct | Sell | 8312026 | 158.41 | 800 | 126,728 | 1,068,475 | Form | |
| 5 | Conway, Craig | Direct | Sell | 8312026 | 156.80 | 3,145 | 493,136 | 346,058 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beauchamp, Steven R | Executive Chairman | Direct | Sell | 9162026 | 147.18 | 15,000 | 2,207,661 | 185,206,430 | Form |
| 2 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 9092026 | 152.37 | 69 | 10,514 | 6,735,059 | Form |
| 3 | Sarowitz, Steven I | Direct | Sell | 9012026 | 158.56 | 5,100 | 808,633 | 705,317,145 | Form | |
| 4 | Robinson, Kenneth B | Direct | Sell | 8312026 | 158.41 | 800 | 126,728 | 1,068,475 | Form | |
| 5 | Conway, Craig | Direct | Sell | 8312026 | 156.80 | 3,145 | 493,136 | 346,058 | Form | |
| 6 | Sarowitz, Steven I | Direct | Sell | 8312026 | 157.78 | 19,459 | 3,070,333 | 702,693,467 | Form | |
| 7 | Sarowitz, Steven I | Direct | Sell | 8262026 | 155.00 | 441 | 68,355 | 693,307,870 | Form | |
| 8 | Sarowitz, Steven I | Direct | Sell | 8202026 | 150.20 | 8,539 | 1,282,565 | 672,907,871 | Form | |
| 9 | Scutt, Joshua | SVP Chief Revenue Officer | Direct | Sell | 8202026 | 149.82 | 4,730 | 708,636 | 11,345,517 | Form |
| 10 | Glenn, Ryan | Chief Financial Officer | Direct | Sell | 8202026 | 149.75 | 3,345 | 500,914 | 18,353,809 | Form |
| 11 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 8202026 | 149.83 | 2,550 | 382,065 | 6,641,784 | Form |
| 12 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 8202026 | 148.03 | 520 | 76,976 | 2,046,219 | Form |
| 13 | Williams, Toby J | President and CEO | Direct | Sell | 8182026 | 148.52 | 12,000 | 1,782,202 | 51,649,839 | Form |
| 14 | Beauchamp, Steven R | Executive Chairman | Direct | Sell | 8182026 | 148.52 | 15,000 | 2,227,852 | 189,735,278 | Form |
| 15 | Sarowitz, Steven I | Direct | Sell | 8182026 | 151.12 | 586 | 88,556 | 678,311,270 | Form | |
| 16 | Sarowitz, Steven I | Direct | Sell | 8172026 | 151.65 | 15,107 | 2,290,987 | 680,452,527 | Form | |
| 17 | Scutt, Joshua | SVP Chief Revenue Officer | Owned by father-in-law | Sell | 8172026 | 144.64 | 118 | Form | ||
| 18 | Sarowitz, Steven I | Direct | Sell | 8102026 | 150.81 | 11,136 | 1,679,450 | 683,943,442 | Form | |
| 19 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 6052026 | 116.35 | 70 | 8,144 | 2,041,942 | Form |
| 20 | Glenn, Ryan | Chief Financial Officer | Direct | Sell | 6032026 | 117.55 | 1,034 | 121,547 | 7,922,165 | Form |
| 21 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 5212026 | 115.05 | 899 | 103,430 | 2,033,969 | Form |
| 22 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 5212026 | 115.05 | 521 | 59,941 | 768,074 | Form |
| 23 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 2262026 | 101.98 | 307 | 31,308 | 765,870 | Form |
| 24 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 2232026 | 108.94 | 329 | 35,841 | 851,584 | Form |
| 25 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 2232026 | 108.94 | 845 | 92,054 | 2,117,467 | Form |
| 26 | Scutt, Joshua | Senior Vice President Sales | Direct | Sell | 2232026 | 108.33 | 4,054 | 439,152 | 4,938,239 | Form |
| 27 | Glenn, Ryan | Chief Financial Officer | Direct | Sell | 2232026 | 107.83 | 3,279 | 353,590 | 7,704,688 | Form |
| 28 | Williams, Toby J | President and CEO | Direct | Sell | 2182026 | 104.65 | 8,000 | 837,194 | 22,169,211 | Form |
| 29 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 12052025 | 146.90 | 69 | 10,136 | 3,095,036 | Form |
| 30 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 12012025 | 147.23 | 987 | 145,316 | 3,120,834 | Form |
| 31 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 11202025 | 145.06 | 359 | 52,077 | 1,233,590 | Form |
| 32 | Glenn, Ryan | Chief Financial Officer | Direct | Sell | 11202025 | 143.65 | 1,737 | 249,528 | 11,094,320 | Form |
| 33 | Rost, Nicholas | VP CAO & Treasurer | Direct | Sell | 9262025 | 166.02 | 126 | 20,919 | 1,523,400 | Form |
| 34 | Beauchamp, Steven R | Executive Chairman | Direct | Sell | 9102025 | 174.40 | 4,664 | 813,402 | 267,906,304 | Form |
| 35 | Cappotelli, Andrew | Sr Vice President Operations | Direct | Sell | 9042025 | 173.68 | 77 | 13,373 | 3,964,593 | Form |
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